Luxury Sales in Manhattan Stay Strong, Aided by ‘Affordable Luxury’

More than half of high-end contracts signed last week were for homes less than $6 million

Manhattan luxury real estate saw the fourth straight week of strong activity, although last week once again highlighted a trend toward less expensive units on the high-end spectrum, according to the latest report from Olshan Realty.

Despite a shortened business week due to the Memorial Day holiday, buyers signed contracts for 31 homes in Manhattan priced at $4 million or more in the week ending Sunday, according to the report published Monday.

More than half of those sales were for units priced at less than $6 million—a segment of the market some in the industry have dubbed “affordable luxury.” The median asking price was $5.65 million, and the average home sold last week had been on the market for over a year.

Condo transactions continued to outpace co-ops three to one in the luxury market. Three townhouses found buyers.

Sales volume for the 31 contracts totaled $203.533 million, according to the report.

The priciest transaction last week was for a two-unit spread on the 21st floor of 21 East 12th St., for a combined asking price of $17.55 million. The units are one floor below the building’s penthouse and have a combined space of over 5,100 square feet and seven bedrooms.

The second most expensive contract was for a co-op at 825 Fifth Avenue, asking $12.5 million. The five-bedroom unit has a 40-foot terrace and bedroom facing Central Park.

A separate luxury report found that 106 high-end condo contracts were signed in Manhattan in May. The report by CityRealty, a New York City listing and data site, defines luxury as units priced at $2,000 per square foot or more.

The median asking price for homes that found buyers in May was $4.5 million, underscoring the market’s skew toward less expensive high-end homes.

Meanwhile, Downtown dominated the market for newly built Manhattan condos, accounting for two in three sales in new developments in May, according to the report.